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Pramerica Life Insurance Limited is an Indian private insurance provider, offering individual and group life insurance solutions. With over 131 branches and multiple distribution channels, the company caters to a diverse range of customers by helping them secure their future. The company is a collaboration between Piramal Capital and Housing Finance Limited (PCHFL) and Prudential International Insurance Holdings Ltd. (PIIH) and has been a pioneer in providing financial protection to soldiers of the CAPF, Paramilitary, Indian Armed Forces, veterans, and their families. Pramerica Life Insurance Limited has been operational since 2009 and has over 7000 Crores under assets and more than 2000 employees as of 31st December 2022.
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The term insurance plans offered by Pramerica Life Insurance Limited offer financial security and support to the family of the insured in case of an eventuality. The company offers higher insurance coverage at an affordable premium rate. There are wide ranges of comprehensive term insurance policies offered by the company to suit the needs of the insurance buyers. Let’s take a look at the types of term insurance plans offered by Pramerica Life Insurance Limited.
Various types of term insurance plans are being offered by the company with differentiated features. The plans are discussed below for a better understanding.
| Plans | Entry Age | Maturity Age | Policy Term | Premium paying Term | Sum Assured |
| Pramerica Life Saral Jeevan Bima | Minimum - 18 years Maximum - 65 years |
70 years | For regular premium - 5 - 40 years For limited premium - (6 - 40)/(11 to 40 years) For single premium - 5 - 40 years |
For RP - equal to policy term For LP - 5/10 years For SP - single |
Minimum: Rs. 5 Lacs Maximum: Rs. 25 Lacs |
| Pramerica Life TruShield Term Insurance Plan | Minimum - 18 years Maximum - 50 years For PT of 10 years - 55 years For PT of 20 years - 45 years |
65 years | 7/10/12/15/20 years | For RP - 7/10/12 years For SP - 10/15/20 years For LP - 10/15/20 years |
Minimum: Rs. 5 Lacs Maximum: Rs. 50 Crores |
| Pramerica Life U-Protect Term Insurance Plan | Minimum- 18 years Maximum-55years | 65 years | Minimum-10 years Maximum-30 years | Equal to policy | Minimum: Rs. 25 Lacs |
Disclaimer: “Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
A comprehensive term plan available at convenient premium payment and policy terms. The benefits of the plan are as follows:
The plan provides financial protection to you and your family at affordable premium rates.
The plan offers the option to choose the most suitable policy term from 5 - 40 years as per your requirements.
The policyholders can easily pay their premiums for a regular term, limited term, or in a single lump sum amount.
The tax benefits will be applicable as per the prevailing tax laws of the Income Tax Act of 1961.
A simple term insurance plan giving higher coverage levels at minimal rates o premiums. The features with benefits of the plan are as follows:
Premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay option of premium payment.
In case of death of the insured during the tenure of the plan, Sum Assured is given to the nominee
The plan offers differential premium rates for male and female lives
Lower premium rates for healthy non-smokers
The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.
In case the policyholder commits suicide within the initial 12 months from the date of the policy initiation or the revival of the policy (whichever is applicable), then the nominee of the policy will receive 80% of the premium amount and the policy will be terminated.
The claim settlement process offered by the Pramerica Life Insurance Limited is very simple and hassle-free. One just needs to follow the below-mentioned steps in order to do so.
The beneficiary of the policy can opt for the online or offline process to intimate the claim. The convenient ways through which the nominee can intimate the claim are:
Visit the branch office of Pramerica Life Insurance Limited
Visit the official website www[dot]pramericalife[dot]in/Claims/Claim
Send Email to Claims@pramericalife[dot]in
Call on the number - 18605007070 (local charges
apply)
In order to register the claim, the beneficiary will have to follow the following steps:
Fill the Company’s Claim Form duly completed.
Provide the original Policy Document.
Assured’s Death Certificate.
Post-Mortem and FIR in case of accidental demise of the assured.
All medical records in case of demise of the insured due to medical reasons
Bank Account Proof of the beneficiary
Photo Identification and Address proof of the beneficiary.
In certain cases, the insurance company can ask for additional documents in order to process the claim.
Once the beneficiary submits all the required claim documents, the insurance company verifies the claim, and the claim is processed within 30 days of receipt of all necessary claim documents.
The final claim amount is sent directly to the account of the beneficiary through the process of NEFT.
The important documents that should be kept handy while purchasing Pramerica Life Term Insurance Plans are:
Age proof- Aadhaar card, passport, PAN Card
Identity proof- Aadhaar card, PAN card, Passport, Driving license, etc.
Latest Photograph.
Income proof- 3 years ITR, 3 months Salary Slip
Along with those mentioned above, some additional documents may be asked to provide by the insurer for completing the application process.
Online: The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Intermediaries: Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
Click New Quotes to compare
Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
Fill in your name, email address, city, country code, and mobile number. Click Continue.
You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.
For paying online, you must visit the portal with the user id and password and enter the policy number for renewing it. You can also use the OTP option to pay online. Online payment options with the aid of debit card, credit card, and Net banking is available.
A Cheque pick-up facility can also be opted for, wherein the company’s staff will get the cheque from your doorstep.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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